Golden
LoanMart

LoanMart

LoanMart is a California-based money-lender, including risk assessment, asset allocation, financing services, customer acquisition, and loan services.

LoanMart provides car title loans throughout Arizona, California, Illinois, Missouri, New Mexico, and Utah. Founded in 2002, they provide financial services directly to their customers and through their large network of partners. In 2014, they were the largest auto title loan lender in California with 9,827 loans. In 2016 Victory Capital Provided a $100M Credit Line to LoanMart.

Spokesperson

Hulk Hogan became the celebrity spokesman for LoanMart in 2012. They renewed his contract despite the controversy surrounding him because they believed the renewal highlighted what LoanMart really does, which is “give people a second chance."

Sponsorships

LoanMart sponsored the Los Angeles Clippers, but dropped their sponsorship after the controversy surrounding former owner Donald Sterling.LoanMart partnered with the Rancho Cucamonga Quakes in 2012. In 2013, LoanMart became long-term partners with the Quakes, which included naming rights for the stadium, now called LoanMart Field. LoanMart also sponsors the LoanMart Strikeout promotion, donating $5 to the Rancho Cucamonga Community Foundation whenever the Quakes strike out a batter. The partnership also involves providing three scholarships of $1,000 to local high school students.LoanMart sponsored the Arizona Cardinals during the 2013/2014 season. They were promoted through the Cardinal’s online presence and participated in social media marketing at the University of Phoenix Stadium, including the Cardinals Gameday Social Photo Booth. In 2013, LoanMart sponsored the then San Diego Chargers to enhance their marketing efforts in San Diego. It involved digital, print, and radio marketing at Qualcomm Stadium. In 2012, LoanMart signed a two-year Presenting Sponsorship agreement with the Lancaster JetHawks, making them the first Presenting Sponsor in the Jethawks’ historyLoanMart sponsored the NASCAR team Front Row Motorsports for five races in 2012. LoanMart sponsored the No.38 Ford at the Auto Club Speedway.

Criticism

In 2013, Wheels Financial Group, LLC was accused of violating California Finance Lender Laws.

They reached a settlement, agreeing to pay $450,000 in penalties and clerical costs.

In 2013, referencing a 2011 bill in the California Legislature, Oscar Rodriguez, former CEO of LoanMart, said that car title loans allow borrowers with poor credit to secure financing that might not otherwise be available.

Timeline

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Regan Carrington

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